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Stifel Nicolaus Reiterates Hold on Ventas

Stifel Nicolaus maintains its Hold rating on Ventas (NYSE: VTR) as it increases estimates to reflect the Cogdell Spencer acquisition.

Stifel Nicolaus says, "Before the market open, 12/27/11,
Ventas announced a definitive agreement to acquire Cogdell Spencer (CSA -$4.26 - NR) for $4.25/sh, an 8.4% premium to previous close. Total consideration to acquire CSA is estimated in the $760M to $770M range including assumable debt. ...Ventas indicates the transaction will be $0.03 to $0.05 accretive on a full year basis and we are increasing our 2013 FFO and FAD per share estimates in this range."